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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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if i file personal bk for some company debts that i personally

Customer Question

if i file personal bk for some company debts that i personally guaranteed, what will happen to unrelated companies that i own? also, if i have unrelated suits going that are in my favor, how does bk affect those suits?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 4 years ago.

*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*



Thanks for using JustAnswer. My name is FiveStarLaw and I will do whatever I can to answer your questions!

In a bankruptcy all assets become part of the bankruptcy estate. This means that your interest in the unrelated companies that you own and your favorable lawsuits would be listed as assets on your bankruptcy petition. These assets would be available to the in bankruptcy trustee to negotiate and/or liquidate to pay creditors

I would be glad to respond to any related follow-up questions that you may have.